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2. X, Y and 7 are partners sharing
profits equally. They decided that in future Z will get 1/5 share in profits. On the day of change.
following is their Balance Sheet:
Liabilities
Assets
Creditors
1,80,000 Cash
6,000
Capital A/cs:
Debtors
X 12,500
22.500
18.500
Y 12,500
Les: Reserve
12.500
Z9,000
34,000
4.000
5,400
Stock
10.000
52,400 Machine
Boildings
On this date, Buildings have been valued at $15,000 stock to be rout
for doubtful debts to be reduced by €1,000
Pass Journal entries in the books of the finn regarding the
necessary Ledger Accounts and Belance Sheet.
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Sagot :

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